BREAKING NEWS

Bitcoin Price Deeply Discounted After ICE’s Bakkt Announcement

Bitcoin Price Deeply Discounted After ICE’s Bakkt Announcement
04 Aug
9:21

Bitcoin’s price may have experienced multiple spikes Friday, according to CoinMarketCap, after the owner of the New York Stock Exchange announced plans to launch a digital currency platform and a bitcoin futures market.

Bitcoin Price

CoinMarketCap data showed a 12% spike in bitcoin’s price in the span of just 15 minutes. Based on the numbers, the coin reached a high o$ $8,406.40. Over the next 20 minutes, bitcoin’s price would reverse all the way back to the $7,500 range. Interestingly, Bitfinex and other cryptoucrrency exchanges are not reporting on the increase.

However, in addition to CoinMarketCap, the author can confirm that CoinSquare, a Canadian exchange, also charted bitcoin’s volatile spike on Friday. At press time, the sudden swings appears to have been smoothed out.

In terms of trading volumes, CoinMarketCap reported a total market turnover of $43.4 billion at the peak of bitcoin’s sudden rally. Now, volumes are back down to the $8 billion range.

Bitcoin’s dominance index has risen to 49.1%, the highest since December.

At the time of writing, the figures appear to have been revised and CoinMarketCap is no longer reporting that the surge took place. For good measure, we are including the following chart, whose data have yet to be amended. As you can see, the total market cap was shown to have spiked above $350 billion.

The author jumped on the price development because it occurred immediately after the Intercontinental Exchange made one of the biggest blockchain announcements of the year.

We will continue to monitor developments on the bitcoin price. 

The Bakkt Catalyst

On Friday, bitcoin was at the center of a major story involving the Atlanta-based Intercontinental Exchange (ICE), which owns the New York Stock Exchange and other global markets.

On Friday, the company announced it was going all in on bitcoin by launching a new company called Bakkt. As Hacked reported earlier, Bakkt will leverage Microsoft’s cloud infrastructure to build a regulated ecosystem for digital currencies. The new platform, which expects to launch in November, will allow consumers and institutional investors to trade and spend bitcoin globally.

ICE founder and Chairman Jeffrey Sprechter told Fortune that bitcoin has “the potential to become the first worldwide currency.”

In addition to Microsoft, Bakkt will leverage the expertise of Starbucks and Boston Consulting Group in delivering its platform. According to the official press release, the project has onboarded several investors, including M12, Microsoft’s venture capital arm,  Alan Howard, Pantera Capital and Susquehanna International Group, among others.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Source: https://hacked.com/bitcoin-price-deeply-discounted-after-ices-bakkt-announcement/

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